Max Life Term Insurance Plan for NRI

What is Term Insurance? 

Term insurance is a specifically designed life insurance plan that secures an individual’s family and offers them financial security in case of any unpredictability. Like most insurance plans, a policyholder pays a premium amount for a specific tenure. If the policyholder dies during that term due to any health reason or an accident, the beneficiary/nominee is provided a death benefit equivalent to the policy value. The premium amounts are computed based on the health conditions, policyholder’s age, and life expectancy. Insurance companies sometimes ask the buyer to conduct a medical test before finalizing the plan. 

What is Max Life Term Insurance Plan for NRI? 

Max Life Insurance company is a collaboration between Max India Limited and Mitsui Sumitomo Insurance Co. Ltd. The company provides tailor-made cum investment plans to NRIs. Max Life term insurance plan for NRI are specifically designed to offer protection and security to NRIs and their dependents towards unpredictability in life. NRI policyholders can select from number of plans ranging from retirement, child, protection, group, savings, and ULIP.  Max Term Insurance plans for NRI are comprehensive life insurance products that provide financial protection to the policyholder and his/her dependents. Following are the Max Life Term Insurance plan for NRI: 

• Max Life Online Term Plan Basic Life Cover 

• Max Life Online Term Plan Life Cover + Increasing Monthly Income

• Max Life Online Term Plan Life Cover + Monthly Income 

• Max Life Premium Return Protection Plan

• Max Life Super Term Plan 

Why Should NRIs Choose Max Life Insurance Plans? 

Max Life Insurance is one of the popular insurers in India that serves Indian residents as well as NRI insurance buyers. The company always attempts to make life insurance policies more economical, easy, and suitable for buyers at every life stage. Here is why NRIs should select Max Life Insurance: 

• It provides a one-stop solution for the insurance requirements of customers 

• The insurer has a claim settlement ratio (CSR) of 99.35% (as per IRDAI 2020-21) and is known for transparency. Insurance buyers can check every detail related to different plans online. 

• The insurer offers 24X7 customer assistance to insurers and has an easy and hassle-free claim settlement procedure when the claim is made by the nominee/beneficiary of the plan. 

• Flexible option of paying premiums that helps customers to pay premium amounts through NRO or NRE, or from a foreign bank account. 

• The Max term plans offer the option to renew the premiums. 

Benefits of Max Life Term Insurance Plan for NRI? 

The Max Life Term Insurance company offers a comprehensive range of plans to cater to the needs of insurance seekers. NRIs can enjoy the below benefits by receiving life insurance policies from Max Life Insurance. 

1. Long time protection 

   Insurance policies offer longer protection for the policyholder and their loved ones and can choose a life coverage up to 100 years of age. 

2. Financial Stability 

   Term plans help NRI in protecting the family’s future by offering financial stability even when the sole earner is not around., 

3. Peace of Mind 

   Term insurance plans provide comprehensive security to the family members which helps in living comfortably without panicking about the future 

4. Tax Benefits 

   NRIs are entitled to tax savings benefit on the premium amount paid for a term plan u/s 80C. The payment amount received under an insurance plan is also exempted from tax u/s 10(10D) of the Income Tax Act, 1961. 

5. Death Benefits

   In case the life assured dies within the policy term, the nominee/beneficiary will get the death benefits 

6. Maturity Benefits 

   NRI plan offers maturity payouts, provided the plan is in force till the last of the policy tenure, 

7. Survival Benefit 

   Policyholders surviving the policy tenure may enjoy the survival benefits 

8. Online

   NRIs can buy a term plan online in a hassle-free and easy way. 

Eligibility To Purchase Max Life Term Insurance Plan for NRI

There are some conditions for an individual to be considered an NRI, and be eligible to buy a term insurance plan in India. Though the mentioned T&Cs vary with the insurer, the basic requirements are still the same. Let’s discuss the eligibility criteria of the Max Life term insurance Plan for NRIs: 

• You must have resided outside the country for a fixed time period or as specified in the plan 

• Your grandparents or parents must have been Indian citizens 

• You must have married a citizen of India 

• You must have an Indian passport at some stage of your life

The premium rates for these term policies depend on the policyholder’s age, the medical conditions, the plan features, and the sum assured amount, among others. 

Documents Required To Purchase Max Life Term Insurance Plan for NRIs 

The document that a policyholder requires to submit for a Max life term insurance plan for NRI are as follows: 

• Completely filled proposal application 

• Attested passport copy of your residential country 

• Medical examination signifying your fitness or health or declaring health issues, if any. 

• Proof of age 

• Proof of Income